Frankfurt, Germany (AFP) May 17, 2023

German reinsurance giant Munich Re reported a drop in first-quarter profits Wednesday after taking a hit from claims linked to the devastating earthquake that struck Turkey and Syria.

The group, which covers insurance firms against their risks, said net profit fell by 14 percent year-on-year to 1.27 billion euros ($1.4 billion).

Claims for major losses from natural catastrophes were “hig
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